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Each week we will post and define an industry term or concept for our readers.

Subrogation is the transfer of your rights to the insurance company to sue or seek recovery from a third party. For example, if you get into an auto accident and your car is damaged, your insurance company will take care of repairing your vehicle. Then, on your behalf, your insurer will collect from the at-fault party to cover the cost of the repairs, and even get your deductible back in some cases.